Advantages of Opening a Bank Account in Hong Kong

Sound Banking System

Hong Kong’s banking industry is very robust with the presence of major international banks such as HSBC, Standard Chartered Bank, Citibank and Bank of China.

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Hong Kong is reputed for having a high quality of banking industry regulation. The identity of account holder and transaction information is also subject to very high standard of confidentiality.

Free Capital Transfer

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Hong Kong is one of the world’s most dynamic economies driven by the principles of free trade and free markets with no foreign exchange controls.

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There is no restriction in international capital transfer, including transferring profit or dividend to homeland.

RMB Trade Settlement

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Effective from July 2009, banks in Hong Kong have been approved to handle RMB settlement for cross-border trading with mainland China.

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This allows you to settle trade with designated enterprises in mainland China in RMB which reduces exchange cost in buying and selling RMB and provides an option to receive and keep RMB trade receipts offshore.

Convenient access to bank account

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You can use internet banking and phone banking to access your offshore bank account anytime and anywhere in the world.

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You can also view your account statements and transaction advices via internet banking.

No Tax on Interest

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There is no tax on interest earned in bank account in Hong Kong.

Lower Minimum Bank Account Balance

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The minimum bank account balance required by banks in Hong Kong can be as low as HK$ 30,000 and the monthly service fee is only HK$ 100 for balance below the minimum account balance.